Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C round led by Blockchain Capital, the company announced Wednesday.
The size of the new investment was not disclosed. TRM said its annual recurring revenue has quadrupled over the past three years, and that its investigation software is now used by more than 600 government agencies and private-sector institutions across 75 countries.
From $930M to $2B in Seven Months
The expansion builds on a $70 million Series C raised in February, also led by Blockchain Capital. Prior to that round, TRM was valued at $930 million, according to data compiled by Traxcn; the February raise pushed it past the $1 billion mark with participation from Citi Ventures and Galaxy.
TRM's tools are used to investigate fraud, money laundering, sanctions evasion and other digital crime — the same category of work that produced this week's coordinated action against the Xinbi Guarantee marketplace, where TRM's head of policy publicly weighed in on the enforcement effort.
The Demand Side of the Equation
The company pointed to two figures that frame its growth. Digital crime losses reported to the FBI's Internet Crime Complaint Center rose to $21 billion in 2025, up from $16 billion in 2024. And TRM's own AI-in-Crime Adoption Index recorded a 40% year-over-year increase in criminal adoption of AI in 2026.
Those numbers land in the same week Google's Threat Intelligence Group warned that AI is giving lesser-resourced attackers capabilities once associated with nation-state groups — including, researchers noted, North Korea-nexus actors integrating AI across their operational lifecycle to support cryptocurrency theft.
Contract Controversy in the Background
The new valuation arrives about two months after US Immigration and Customs Enforcement awarded TRM a roughly $95 million one-year contract for forensic software and support services tied to Homeland Security Task Force investigations.
Rival Chainalysis challenged the sole-source award in federal court, alleging ICE's decision was "arbitrary, capricious, and unreasonable" — a dispute that highlighted how much government demand for blockchain-intelligence tooling, and the revenue attached to it, has grown.
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